Developers Model of Transformation Design and Development have proposed a mixed-use tower at 7162 S. Exchange. Currently a vacant lot, the project site is located at the northwestern corner of S. Exchange Ave and E. 72nd St. The site, which was once home to the Food Exchange supermarket, overlooks the South Shore Metra stop and is down the street from the South Shore Cultural Center.
The 22-story mixed-use tower is set to hold 153 residential units, with 80% of them planned to be market-rate and the remaining 20% set aside as affordable. Residents will be able to choose from one-bed, two-bed, and three-bed configurations. The base of the building will include 15,000 square feet of ground floor retail space with 100 car parking spaces above. Tenants will have access to amenities including a swimming pool, rooftop restaurant, and rooftop deck.
With JGMA in charge of the design, the vision for the project is intended to raise the bar of what development should look like in the South Shore neighborhood. Designed to serve as an anchor for the neighborhood while bringing new architectural and cultural vision to the community, the building will feature an iconic wrapping façade that integrates the base of the building, twisting up through the tower where it eventually meets the top overhang. The dynamic façade creates a series of sculptural colored balconies with unobstructed views of the city’s lakefront and downtown.
In the early stages of planning, the developers are pursuing zoning approval from the city while pursuing funding. Estimated to cost $61 million, the developers are seeking funding through the Chicago Recovery Grant program as well as by pursuing state capital grants, clean energy financing, community investments, and crowdfunding.